SEOUL, Feb. 10 (Chinese media) -- Demand for residential-purpose housing began to rise in South Korea's real estate market, as the housing prices and the interest rates remain low, South Korea's Korea Herald reported Tuesday.
The consumers are mostly considering housing purchases for residential use, not for speculative purpose, according to industry watchers.
"Actual buyers think it is the right chance to buy an apartment at a lower price. They are also trying to take advantage of the low interest rate," an industry insider told the Korea Herald.
Apartment price in South Korea have been on a downward slope since last year.
The Construction Economy Research Institute of Korea predicted the average price of an apartment will continue to drop as much as 10 percent this year, unless the economy gets back on the upward track.
The institute added housing prices could fall as much as they did in the wake of Asian financial crisis in 1998.
However, experts say the demand in rise is not large enough to revive the sluggish real estate market.
Local media expected that the government be expected to spur its deregulation movement in the real estate market after South Korea's new Finance Minister Yoon Jeung-hyun took office on Tuesday.
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